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until you get other funding to replace those costs. I recommend starting with free money. Undergraduates have quite a few options starting with applying for scholarships before you start college as well as applying for academic and other scholarships awarded to existing students. Inquire at your student advisement center to see what kind of scholarships are available.

Almost as good as merit-based scholarships is need based aid awarded by the federal government. These Pell grants are relatively easy to apply for and are generally awarded to students whose parents have small salaries or are no longer claimed as dependents on their parents' tax forms. A Pell Grant, unlike other grants and loans, is a loan that never has to be repaid it is more like a scholarship provided by the government because they want you to be in school. You apply for these grants by filling out a FAFSA, and indicating that you wish to benefit from the grant.

Options for Graduate Students

Pell Grants are not available to graduate students but various other grants are. Funding is often provided to graduate students (especially those pursuing a PhD) in the form of a Graduate Assistantships and Fellowships. An assistantship usually entails working with a professor or in a lab for 10-20 hours a weeks, doing research that you should be doing anyways. In return your tuition is greatly reduced or paid for completely and you are generally given other small benefits (like health insurance) and a small stipend to live on. Fellowships involve teaching undergraduate courses with similar compensation but probably a slightly higher living stipend. Fellowships are generally reserved for higher level graduate students.

Stafford Loans

Once you've applied for free money (scholarships, pell grants, bugging your parents), and work-study money (assistantships and fellowships) and you find your still a little shortyou need to start looking at student loans. You should first apply for Stafford loans. These federally funded loans are a great option. Start with their subsidized loans. The government pays the interest on these loans while you are in school. Then you start making interest payments but not until six months after you've graduated or left school, and these interest payments are much lower than most other loans you can qualify for (currently around 6%). If you need even more money try unsubsidized loans. You don't have to pay on these while in school but the interest does start accruing right away.

If you still need money you can apply for loans from individuals, banks, etc. but if you're to this point you probably need to make a lifestyle change: start living within your means.

Learn more about this author, Tyler Christensen.
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